GFG Capital LLC Has $12.90 Million Stock Holdings in Blackstone Inc. (NYSE:BX)

22 Oct 2024, 12:54 by Tristan Rich · The Markets Daily

GFG Capital LLC cut its position in Blackstone Inc. (NYSE:BX – Free Report) by 1.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 84,211 shares of the asset manager’s stock after selling 938 shares during the period. Blackstone makes up about 3.3% of GFG Capital LLC’s investment portfolio, making the stock its 8th largest holding. GFG Capital LLC’s holdings in Blackstone were worth $12,895,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Blackstone by 2.0% in the first quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock worth $8,442,227,000 after buying an additional 1,290,324 shares during the period. Capital World Investors increased its holdings in shares of Blackstone by 7.5% in the 1st quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock worth $4,766,875,000 after buying an additional 2,546,886 shares during the last quarter. Wulff Hansen & CO. increased its stake in Blackstone by 12,192.7% during the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after acquiring an additional 7,281,128 shares during the last quarter. Legal & General Group Plc increased its position in shares of Blackstone by 2.3% during the 2nd quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager’s stock valued at $775,758,000 after purchasing an additional 141,616 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Blackstone by 0.5% in the first quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock worth $613,581,000 after buying an additional 21,450 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BX shares. UBS Group upped their price target on shares of Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Evercore ISI raised their price target on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. lifted their price target on shares of Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a research note on Friday. Bank of America increased their target price on shares of Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $155.38.

Get Our Latest Stock Report on BX

Insider Buying and Selling at Blackstone

In other Blackstone news, insider John G. Finley sold 35,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the sale, the director now directly owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Trading Down 1.0 %

Shares of Blackstone stock opened at $170.70 on Tuesday. The company has a market capitalization of $121.99 billion, a P/E ratio of 60.32, a P/E/G ratio of 1.24 and a beta of 1.51. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77. The business has a 50 day moving average price of $147.84 and a 200 day moving average price of $133.63. Blackstone Inc. has a 1 year low of $88.59 and a 1 year high of $175.94.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Monday, October 28th will be given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is 121.55%.

About Blackstone

(Free Report)